Manhattan's commercial landlords offer concessions to battle stagnant rents

Commercial supply in Midtown and Downtown inching closer to record highs
  • Class A landlords in Downtown granted concessions at values of $102 per square foot in 2015.
  • Midtown concessions grew by 0.4 percent and reached record values of $138.50 per square foot.
  • According to the SERI report, these compromises are a response to the growing supply of space and lack of upward price movement.
  • Leasing activity Downtown dropped from 4.5 million square feet in 2014 to 2.4 million square feet in 2015.